Virtual pay TV operator fuboTV reported a loss of around 75,000 subscribers in the first quarter, while missing on the consensus forecasts of equity analysts with revenue, bringing in $242 million in sales.
Analysts had hoped for sales of at least $243 million.
As fuboTV noted, the revenue figure is a company record and represents a doubling year over year. And the New York-based streaming company's customer ranks, standing at 1.056 million, are 81% larger than they were a year ago.
But sequential customer growth and analyst revenue forecasts have been the key determiners in this mean season of corporate earnings for streaming companies. And fuboTV saw its already profoundly shriveled stock price shrinking even further in after-hours trading, down 6% and falling within the first hour of filing its Q1 report.
Also read: NewFronts: FuboTV Offers Custom Audience Segments to Advertisers
The company reported a net loss of $140.8 million in Q1, more than double the $70.2 million it bled in the first three months of 2021.
FuboTV, which presented a range of new advanced advertising features at the NewFronts this week, generated ad revenue of $22.8 million in the first quarter, an increase of 81% versus Q1 of 2021.
FuboTV recently introduced what was effectively a $5-a-month price increase, wiping out its base tier, but that move didn't come until April. ▪️
